Consumer prices last month were 6.4% higher than a year ago. However, prices rose 0.5 between December and January — the fastest one-month gain since October of last year.
Gas is pumped into a vehicle at a gas station in Miami on Jan. 23, 2023. A rise in gas prices caused inflation to increase in January when compared to December. Gas prices remain volatile, making the outlook for inflation more uncertain.But there's a cautionary sign: While the 12-month price increase was slightly lower, prices surged between December and January, suggesting inflation is still far from tamed.Tuesday. That's the lowest annual inflation reading since October 2021.
The Federal Reserve has already raised interest rates by 4.5 percentage points since last March in an effort to curb inflation. Fed policymakers have hinted at two more rate hikes, totaling 0.5 percentage points, in the coming months."We expect 2023 to be a year of significant declines in inflation and it's actually our job to make sure that that's the case," Powell said, in an appearance before the Economic Club of Washington.
"We are entering the higher-priced spring and summer driving season, and so drivers should brace for that," said Devin Gladden of AAA."It will likely be a volatile year given how much uncertainty remains around the economy."
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